I’ve never liked secrets. I’m a believer that good things are better when shared, and poor behavior is lessened when exposed. I think Louis Brandeis phrased it nicely when he said “Sunlight is the best disinfectant.”

Applying that mentality to my work, I always cringe a little when I speak with someone who thinks real estate commissions come from  controlling access to information about homes for sale. That seems to be the least important offering I have for my clients.

If all you need is data, here is our IDX search – it gives you free, anonymous access to all the homes listed for sale with a Realtor in the county.  I require registration after you look at the details of 99 properties, but that is only to prevent commercial use of the service.

But if you are looking to buy property near Notre Dame, it won’t ask what you need in a house and tell you which neighborhoods make sense for you. It can’t tell you which condos have watchful managers and which are still managed by the developer. It doesn’t warn you about the complex that has sinkholes near some foundations or guide you away from the developments that would be in foreclosure if the banks thought they could sell them.

The truth is, data is cheap. It’s background knowledge and evaluation that has value.

Believing that, I work to post information here freely. And I am paid when I work with someone who values competent and personalized advice – and they successfully close on their purchase or sale. Most often I can access sales data with a few queries of the local MLS. Sometimes I have to find the (public record) sales disclosures, and occasionally this takes some legwork. In new developments that have yet to be assigned parcel numbers it can be especially challenging.

That’s the case with Ivy Quad, a condo development adjacent to and east of Notre Dame. They sell outside of the MLS and the developer has opted not to share details of his sales, stating concern for his buyer’s privacy. And that sales information is not readily available even at the county assessor’s office.

I respect the desire for privacy and I won’t share information like buyers’ names and phone numbers here, though they are also public record. But the price of closed sales is important and relevant information for anyone considering condos at Ivy Quad, or anywhere near Notre Dame. I believe those details should be available even to people who don’t have the time and inclination to ferret out the numbers themselves.

To that end, here’s the data for Ivy Quad. They closed four sales  in 2009. The final prices were:

• $238,765 on May 20, 2009
• $222,840 on June 4, 2009
• $261,100 on July 9, 2009
• $246,445 on August 14, 2009

If you’d like help making sense of these numbers, of Ivy Quad, and the entire Notre Dame Area property market, call or e-mail.

The South Bend Area MLS records show that in February 2010:

• 152 residential properties sold
• 247 residential properties went under contract
• 396 properties were listed for sale (includes properties re-listed after expiring unsold)

The 152 sales add up to $13.16 million in volume. That is about 37% higher than January 2010 and about 18% higher than one year ago in February 2009.

Sales Prices

The high price sale in February was 17564 Nittany Court in Granger. It closed for $462,500 in a cash deal. It previously sold for $530,000 in July 2003. The original list price of the home in April 2009 was $597,000.

The low price sale was 1106 Johnson Street in South Bend. It sold for $5,000 in a cash deal. It previously sold for $8,000 in January 2007 and $20,350 in May 2004. The original list price of the home was $24,900 in June 2009.

Here are all 152 sales prices, represented visually on a scatter graph:

Financing

Cash sales accounted for about half of the transactions by number of sales, but just over one quarter of sales by volume. Conventional mortgages were just over one quarter by number of sales but accounted for 44% of the sales volume. FHA loans were 22% by number of sales and 27% by volume. VA and other types of financing remain rare in the South Bend area.

Notre Dame condos

No condo or townhouse near Notre Dame sold through the MLS in February. There were condo sales in The Forest, Topsfield, Somers Square and Sandpiper Cove. Developers, if you sold (closed on)  a Notre Dame property outside of the MLS, speak up in the comments.

New construction

I found data for the February sale of three new homes in the MLS. All were built by Weiss Homes and financed with FHA loans.

• 11276 Harford Bay Dr in Osceola sold for $190,999 with $16,340 in seller concessions.
• 19733 Clara Ave in South Bend sold for $184,114 with $10,160 in seller concessions.
• 23080 Rumford Dr in South Bend sold for $124,999 with $5,000 in seller concessions.

Have Questions? Need Help?

This is the real scoop. It’s more detailed, more current, and less mangled than sales info you’ll find anywhere else for the South Bend Area. But honestly it’s still not good enough to base an informed decision about buying or selling property upon. Even if you are just curious about a certain neighborhood or market segment and especially if you need to make a financial decision related to real estate – call us. We’ll talk to you openly and honestly and never lock you in to working with us.

A South Bend land developer has announced his intention to build moderately priced townhomes downtown South Bend. David Matthews, developer of Ivy Quad, and formerly associated with Keenan Court, spoke before South Bend’s redevelopment commission about his proposal for the the roughly one acre piece of land north of Colfax Avenue at the river. This lot is commonly known as the “Rink site” because it was formerly the site of Rink Riverside Printing.

David Matthews stated his intent to build ten or eleven townhomes, eight with river views and two or three set off the river. He said they would be 1,680 square feet with 2-car garages and prices would start around $170,000. He said he has verbal commitments for two of the units, though at higher prices due to upgrades the purchasers selected. The lower priced of the pair is “under $200,000.”

The contract for the land is not final, but is for $10,000 and stipulates that the developer won’t request a tax abatement for the project. It also gives the developer 36 months to complete construction. When asked about this timeline, David Matthews said he intended to have completed townhomes on the site by this Fall. He said he will first build three: a furnished model and the two he has pre-sold.

The  terms are very different from those the last interested developer received. Place Builders, who planned to build eleven townhomes on the site priced from $400,000, was to pay $150,000 for the land. They never began construction and their $15,000 deposit was returned at the redevelopment commission’s last meeting on February 5th. Here is WNDU’s story about that project’s approval in September of 2008.

I’ll post updates on the Rink Site’s progress as it occurs. If you have questions about South Bend condos, put them in the comments, or contact me directly if you prefer.

Watch for an announcement regarding a new condo project in South Bends’ downtown to hit the news stations in about a week. I’ll review the details here as soon as they solidify. But before we start talking about floorplans and finishes, let’s try an open discussion:

What will it take for downtown condos to succeed in South Bend?

• Do they need a certain location – for example on the river or on Michigan Avenue?
• Will it require a specific feature: an attached garage, a balcony with a view, common greenspace, or something else?
• Should they be newly built, or in a rehabbed historic building?
• Will they need to be ultra luxury or surprisingly affordable?
• What would it take to get you to buy one, or to recommend one to a client or friend?
• Is there anything else you would suggest or say to the developer, if he is reading the comments?

It’s sunny and clear in South Bend today, beautiful really. I went for a run for the first time in ages.

At Realst8.com we often work with people moving to the area who want to be near Notre Dame. That is on the north side of the city, so they select homes there, or in nearby Granger.

But, looking around as I gasped for breath, I was reminded why I’m partial to the south side of South Bend. I brought a camera and snapped its shutter a few times. These images are from Ridgedale, a neighborhood of older homes with one or two new ones and Erskine Manor, a neighborhood of newer homes with one or two older ones.

If I were in better shape, I’d have continued to Topsfield and Deer Run, or even Stonehedge and New Road.

If you are considering a move to the South Bend area, I’d encourage you to keep an open mind and look at all your options. Unless you want to be walking distance to a specific spot, the difference between getting in a car and driving one mile or driving five miles is trivial. South Bend traffic isn’t bad.

If you look a bit off the “beaten path,” you might find options that surprise you.

The South Bend Area MLS records for January 2010 show that

• 121 residential properties sold
• 201 residential properties went under contract
• 491 residential properties were listed for sale

The 121 sales added up to $9.6 million in volume. That is the lowest monthly sales volume going back as far as the South Bend MLS provides electronic records, mid 2001. It is also the first time the sales volume has fallen below $10 million.

Sales Prices

The most expensive sale was 51572 Norwich, which sold for $400,000. It last sold in 2001 for $375,000.

Two properties sold for $3,000, the lowest price. One of those, 234 Calvert sold for $5,000 in 2008 and for $18,000 in 2003

There were 14 sales under $10,000
There were 18 sales over $150,000

Here are all 121 sales prices, represented visually on a scatter graph

Financing

Cash accounted for more than half of all sales.  FHA and conventional loans each accounted for about 20% of the sales. VA loans and other types of financing remain uncommon here.

Notre Dame Condos

No condo or townhouse near Notre Dame sold through the MLS in January.  Several properties in neighborhoods like Mishawaka’s The Forest and South Bend’s Somers Square sold, but it was a slow month for complexes near Notre Dame. January is commonly slow for Notre Dame homes. In January 2009, there were two such sales. In January 2008, there were four.

New Construction

I found MLS data for the January sale of two newly built homes.
A Weiss built home in South Bend’s Royal Oak Estates, which sold for $211,225.
A Jeff Moser built home in Granger’s Stoneybrooke Shores, which sold for $328,400

Have Questions? Need Help?

While this is the most detailed and most current information you’ll find on real estate sales in the South Bend Area, there are significant details we can’t share here. If you need to better understand the market to make smart decisions, or need help buying or selling property call or e-mail. We’d be pleased to hear from you.

Searching the South Bend Area MLS for all sales in 2009 returns 2,964 sales for a combined total of $309,895,210.

There are many new home developments near Notre Dame. Since Dublin Village broke ground in 2005 there have been more than half a dozen new housing projects near Notre Dame’s campus. But the largest and most anticipated of the new developments is Eddy Street Commons. Eddy Street Commons has been widely reported as a $200+ million project. It has been supported by Notre Dame who transferred the land for the development, the city of South Bend with a $30+ million parking garage, and Indianapolis based Kite Realty who put together the master plan.

Eddy Street Commons, as announced, has a retail component with restaurants and shopping, office space, 266 apartments for rent and nearly 250 condos or townhomes available for purchase.

There have been delays as the project reacted to the tightening economy. For example the Mariott hotel is still awaiting financing, and the “Legends Row” condos that wrap the parking garage were originally to be built first and haven’t been started apparently due to slow sales reservations.

But there has been progress on the “Champions Way” City Homes. The first building is nearing completion, and a model unit is currently being furnished. It should be ready for public tours in the near future.

It is not yet fully furnished, but I toured the model unit today and took photos. Since it is built by the same construction company that put together Dublin Village, Wexford Place and Irish Crossings, it shouldn’t be surprising that it has many similarities to those projects. But the location is good, the views from the model are some of the best I’ve seen, and there are many options and upgrades available. Prices for these townhomes start around $378,000 and quickly rise to the mid $400,000s depending upon plan and options.

The sales team reports the first two buildings are booked and that they expect to have four of the nine buildings ready for occupancy by the football season.

The South Bend Area MLS contains information on 234 sales that closed in December 2009 with a cumulative volume of $25.04 million. That is down from last months $27.48 million in sales,  though up from December 2008’s $22.61 million in sales which was the lowest amount since our area’s MLS began keeping digital records in August 2001. The high volume mark was June of 2006 at $69.30 million.

Here is the long term sales graph:

Sales Prices

The high price sale was $440,900 for 125 Esther in South Bend. The home went under contract 11 days after hitting the market and sold without photos in the MLS.

The low price sale was $3,800 for 230 Calvert in South Bend, which went under contract about five months after hitting the market and sold with just one poor quality photo in the MLS. I won’t post it here.

There were a number of sales that caught my eye as notable discounts:

• 51345 Amesbury Way in Covington Shores sold for $419,000 about six months after hitting the market. It sold at a loss to the seller, who appears to have paid $500,000 for the home in July 2007.
• 1904 Golfview Court in Barrington Estates sold for $335,000 about 28 months after hitting the market in August 2007. The seller started with a list price of $635,000.
• 51245 Parisian Drive in Bradford Shores was a recent “lottery house” that was raffled off for charity. The winner sold it for $275,000 about seven months after hitting the market at $375,000.
• 420 Abbey in Dublin Village sold out of foreclosure for $180,000 about three months after hitting the market at $199,900. The previous owners tried to sell it without success, starting at$244,900 and lowering their price to $234,900 .

Here are all 234 sales prices, in represented visually on a scatter graph

Financing

Cash sales accounted for more transactions than either FHA financing or conventional loans and they dominate the market under $50,000.  70 of the 76 sales under $50,000 were cash purchases.

Condos, Townhouses and Select Villas

This was not an active month for sellers of condos and townhomes in our area. Just one Notre Dame Area townhouse sold at Dublin Village.

420 Abbey in Dublin Village is a 1,745 square foot, 3 bedroom, 3.5 bath townhouse. It was built in 2006 by the same construction company now erecting many of the new townhomes near Notre Dame. Its price of $180,000 was well below the $214,900 to $265,000 list prices of the six Dublin Village townhomes currently listed for sale.

145 Bridgewater Way, a 1,450 square foot 2 bedroom, 2.5 bath condo sold in The Forest for $128,000. That is down from the $158,500 it sold for in August 2005.

Unit 312 at Topsfield, a 1,000 square foot 2 bedroom, 1 bath condo, sold for $51,000.

1522 Peachtree Lane in Mishawaka’s Savannah Pass is a detached villa but is in a community with many attached unit and seems to fit here. The 1,112 square foot, 3 bedroom, 2 bath villa  sold for $123,900 down from the $145,000 it commanded in September 2006

There were two other condo-type sales in developments I don’t usually report in detail here. One was in the Somers Square condos, for $122,000, and one at the Jefferson Square townhomes for $74,000.

New Construction

18 December 2009 sales were reported in the South Bend Area MLS as new construction. They closed at prices from $99,000 to $324,305 and ranged from about $74 to $151 per square foot.

11 were built by Weiss Homes. 9 were sold with FHA financing.

Have Questions? Need Help?

While this is the most detailed and most current information you’ll find on real estate sales in the South Bend Area, there are significant details we can’t share here. If you need to better understand the market to make smart decisions, or need help buying or selling property call or e-mail. We’d be pleased to hear from you.